Appalachian Oil Co. Strengthens Parent Company

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Appalachian Oil Co. Strengthens Parent Company

DALLAS -- Titan Global Holdings Inc., a diversified holding company that owns c-store operator Appalachian Oil Co. (APPCO), affirmed fiscal year 2008 guidance in the range of $735 million to $747 million in revenue and earnings in the range of $15 to $17.5 million, thanks to the company’s acquisition of Appco and other companies, Titan stated.

"In fiscal 2007, Titan significantly enhanced its senior management depth, integrated several new acquisitions and successfully streamlined operations," Bryan Chance, president and CEO of Titan Global Holdings, said in a statement. "In fiscal 2008, we are now focused on improving our balance sheet and completing opportunistic acquisitions for the value-added benefit of our shareholders."

Titan Global Energy is expected to contribute $433 million to Titan's overall revenue guidance for fiscal 2008, the company stated.

The company also filed a hindsight audit of Appco with the Securities and Exchange Commission (SEC) that revealed the oil company's past three fiscal years.

Appco produced revenues of $385 million for the 11 months ended Aug. 31, 2007, $406 million for fiscal 2006 and $317 million for fiscal 2005, according to the audit.

"We were pleased to complete our hindsight audit of the recently acquired Appalachian Oil Co. and our filing with the SEC," said Chance in a statement. "These audits affirm our revenue guidance of $433 million for fiscal year 2008. With the audit behind us, we are focused on strategic options to leverage Appco's distribution prowess with higher margin biofuel products and optimizing margins on inside sales as well."